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Strategies to Reduce Your Tax Burden 💡 1. Contribute to Tax-Advantaged Accounts Putting money into retirement accounts like a 401(k) or IRA can significantly reduce your taxable income. These accounts not only help you save for the future but also lower your tax bill today. Additionally, consider contributing to Health Savings Accounts (HSAs) and Flexible Spending Accounts (FSAs) . These accounts allow you to set aside pre-tax dollars for medical expenses, providing anothe